SME model 20

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Brand: SME

The SME (Small and Medium Enterprises) model 20 is a policy framework introduced by the World Bank in 2018 to support inclusive and sustainable economic growth for small and medium-sized enterprises (SMEs) in developing countries.The SME model 20 consists of the following six components:1. Enable: This component focuses on creating an enabling environment for SMEs to operate, grow, and compete by addressing regulatory barriers, improving infrastructure, and facilitating access to finance.2. Connect: This component addresses the issue of market access by developing B2B platforms, supporting cluster development, and promoting international trade through capacity building and policy reforms.3. Innovate: This component emphasizes innovation and entrepreneurship by promoting technology adoption, encouraging research and development, and fostering a culture of innovation in SMEs.4. Access: This component addresses the issue of access to capital by expanding access to finance for SMEs, improving investment and capital climate, and providing financial products and services tailored to SMEs' needs.5. Build: This component focuses on developing the human capital and institutional capacity of SMEs by offering training and development programs, promoting entrepreneurship education, and improving access to business development services.6. Engage: This component addresses the issue of SMEs' engagement with the private sector and the wider community by promoting partnerships between SMEs and the private sector, fostering industry associations, and strengthening SMEs' social and environmental responsibility.The SME model 20 represents a holistic approach to support SMEs' development through a coordinated and integrated framework. It recognizes the critical role that SMEs play in driving inclusive and sustainable economic growth in developing countries and provides a roadmap for policymakers, development partners, and other stakeholders to support SMEs' development in a comprehensive and collaborative manner.